Raytheon Technologies (RTX) financial statements
Raytheon Technologies reported revenue of $88.6B in fiscal 2025, up 5.0% a year over 9 years.
Net income was $6.7B and the operating margin 10.5%, against 14.4% in 2016.
Free cash flow was $7.9B, and the company returned $3.6B in dividends and $50M in net buybacks.
The diluted share count rose 64% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Raytheon Technologies's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $57.2B | $59.8B | $34.7B | $45.3B | $56.6B | $64.4B | $67.1B | $68.9B | $80.7B | $88.6B |
| Cost of revenue | $30.3B | $31.0B | — | — | — | — | — | — | — | — |
| Gross profit | $26.9B | $28.8B | — | — | — | — | — | — | — | — |
| Research and development | $2.4B | $2.4B | $1.9B | $2.5B | $2.6B | $2.7B | $2.7B | $2.8B | $2.9B | $2.8B |
| Selling, general and admin | $6.0B | $6.4B | $2.9B | $3.7B | $5.5B | $5.0B | $5.6B | $5.8B | $5.8B | $6.1B |
| Operating income | $8.2B | $8.1B | $2.9B | $4.9B | -$1.9B | $5.1B | $5.5B | $3.6B | $6.5B | $9.3B |
| Interest expense | $1.0B | $909M | $1.0B | $1.6B | $1.4B | $1.3B | $1.3B | $1.5B | $1.9B | — |
| Pre-tax income | $7.1B | $7.8B | $2.5B | $4.2B | -$2.4B | $5.1B | $6.1B | $3.8B | $6.2B | $8.7B |
| Income tax | $1.7B | $2.8B | $1.1B | $421M | $575M | $964M | $790M | $456M | $1.2B | $1.7B |
| Net income | $5.1B | $4.6B | $5.3B | $5.5B | -$3.5B | $3.9B | $5.2B | $3.2B | $4.8B | $6.7B |
| EPS (diluted) | $6.12 | $5.70 | $6.50 | $6.41 | -$2.59 | $2.56 | $3.50 | $2.23 | $3.55 | $4.96 |
| Diluted shares | 826M | 799M | 810M | 864M | 1.36B | 1.51B | 1.49B | 1.44B | 1.34B | 1.36B |
| Gross margin | 47.0% | 48.1% | — | — | — | — | — | — | — | — |
| Operating margin | 14.4% | 13.6% | 8.3% | 10.8% | -3.3% | 8.0% | 8.2% | 5.2% | 8.1% | 10.5% |
| Net margin | 8.8% | 7.6% | 15.2% | 12.2% | -6.2% | 6.0% | 7.7% | 4.6% | 5.9% | 7.6% |
Balance sheet
Fiscal years, from Raytheon Technologies's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $7.2B | $9.0B | $3.7B | $4.9B | $9.7B | $8.8B | $7.0B | $7.3B | $6.4B | $8.2B |
| Receivables | $11.5B | $12.6B | $14.3B | $8.7B | $9.3B | $9.7B | $9.1B | $10.8B | $11.0B | $14.7B |
| Inventory | $8.7B | $9.9B | $10.1B | $9.0B | $9.4B | $9.2B | $10.6B | $11.8B | $12.8B | $13.4B |
| Total current assets | $28.6B | $32.9B | $35.5B | $61.6B | $43.4B | $42.0B | $42.4B | $48.4B | $51.1B | $60.3B |
| Property, plant and equipment | $9.2B | $10.2B | $12.3B | $10.3B | $15.0B | $15.0B | $15.2B | $15.7B | $16.1B | $16.9B |
| Goodwill | $27.1B | $27.9B | $48.1B | $36.6B | $54.3B | $54.4B | $53.8B | $53.7B | $52.8B | $53.3B |
| Total assets | $89.7B | $96.9B | $134.2B | $139.6B | $162.2B | $161.4B | $158.9B | $161.9B | $162.9B | $171.1B |
| Total current liabilities | $21.9B | $24.4B | $31.4B | $46.6B | $35.8B | $35.4B | $39.1B | $46.8B | $51.5B | $58.8B |
| Long-term debt | $21.7B | $25.0B | $41.2B | $37.7B | $31.0B | $31.3B | $30.7B | $42.4B | $38.7B | $34.3B |
| Total liabilities | $60.2B | $65.4B | $93.5B | $95.3B | $88.3B | $86.7B | $84.7B | $100.4B | $100.9B | $103.9B |
| Shareholders' equity | $27.6B | $29.6B | $38.4B | $41.8B | $72.2B | $73.1B | $72.6B | $59.8B | $60.2B | $65.2B |
| Net debt | $14.5B | $16.0B | $37.5B | $32.8B | $22.2B | $23.5B | $24.5B | $35.8B | $33.1B | $26.9B |
Cash flow
Fiscal years, from Raytheon Technologies's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $6.4B | $5.6B | $2.7B | $5.8B | $4.3B | $7.1B | $7.2B | $7.9B | $7.2B | $10.6B |
| Capital spending | $1.7B | $2.0B | $1.5B | $1.9B | $1.8B | $2.1B | $2.3B | $2.4B | $2.6B | $2.6B |
| Free cash flow | $4.7B | $3.6B | $1.2B | $4.0B | $2.5B | $5.0B | $4.9B | $5.5B | $4.5B | $7.9B |
| Stock-based compensation | $152M | $192M | $169M | $268M | $330M | $442M | $420M | $425M | $437M | $519M |
| Dividends paid | $2.1B | $2.1B | $2.2B | $2.4B | $2.7B | $3.0B | $3.1B | $3.2B | $3.2B | $3.6B |
| Share buybacks (net) | -$2.3B | -$1.5B | -$325M | -$151M | -$47M | -$2.3B | -$2.8B | -$12.9B | -$444M | -$50M |
| Net borrowing | $3.7B | $3.1B | $10.4B | -$1.8B | -$13.9B | -$352M | $516M | $11.8B | -$2.5B | -$3.4B |
| Free cash flow margin | 8.2% | 6.0% | 3.5% | 8.7% | 4.5% | 7.8% | 7.3% | 7.9% | 5.6% | 9.0% |
| Dividends per share | $2.50 | $2.60 | $2.68 | $2.83 | $2.01 | $1.96 | $2.11 | $2.26 | $2.39 | $2.63 |
Questions
What was Raytheon Technologies's revenue in 2025?
$88.6B in fiscal 2025, from its 10-K filing.
How much free cash flow does Raytheon Technologies generate?
$7.9B in fiscal 2025 (operating cash flow minus capital spending).
From Raytheon Technologies's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.